,

IRS: Interest rates increase for the first quarter of 2023

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily,…
,

Get Ready now to file your 2022 federal income tax return

WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. With a little advance preparation, a preview of tax changes and convenient…
,

Treasury and IRS expand program for approving certain retirement plans

WASHINGTON — The Treasury Department and Internal Revenue Service today announced the expansion of one of their programs for approving retirement plans. The IRS will now allow 403(b) retirement plans, which are used by certain public schools,…
,

How to Salvage a Partial Home Sale Exclusion

As a general rule, you must meet both the strict “ownership and use” tests to qualify for the massive home sale exclusion when you sell your primary residence. But it doesn’t necessarily have to be an all-or-nothing proposition. In…
WXC Corporation Doral Miami
,

Service providers may receive 1099-Ks for sales over $600 in 2023

WASHINGTON — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and…
WXC Corporation Doral Miami
,

Beware of 3rd parties promoting improper Employee Retention Credit claims

WASHINGTON — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related…
WXC Corporation Doral Miami
,

Adjust tax withholding now to pay the proper amount of tax

WASHINGTON — The Internal Revenue Service today urged taxpayers to check their tax withholding while there's time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as…
WXC Corporation Doral Miami
,

Employers urged to electronically file payroll tax returns by Oct. 31

WASHINGTON — The Internal Revenue Service today reminded employers to file the next quarterly payroll tax return by the approaching October 31, 2022, due date, and urged them to do so electronically. While paper filing is available, the…
WXC Corporation Doral Miami
,

IRS: Hurricane Ian victims in Florida qualify for tax relief

WASHINGTON — Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering…